San Diego County Market Snapshot: May 2024

Hello San Diego! 🌞🏡

I’m excited to share with you the latest market snapshot for San Diego County for May 2024. Whether you’re looking to buy or sell, staying informed about the current market trends is crucial. Let’s dive into the numbers and see what they mean for you.

Key Highlights:
Average Sales Price: $1.20M (up 1%)
Median List Price: $1M (up 2%)
Sales Price/List Price Ratio: 100.9% (no change)
Number of Properties Sold: 1635 (down 16%)
Months Supply of Inventory: 2.34 months (up 33%)

What Do These Numbers Mean?

Average Sales Price:
The average sales price for homes in San Diego County has seen a slight increase of 1%, bringing it to $1.20M. This steady rise indicates a robust market where property values are holding strong.

Median List Price:
The median list price has also increased by 2%, now standing at $1M. This suggests that sellers are confident in the market, pricing their homes higher due to sustained demand.

Sales Price/List Price Ratio:
With a sales price/list price ratio of 100.9%, buyers are paying just about the listed price for homes. This stable ratio shows a balanced market where neither buyers nor sellers have overwhelming leverage.

Number of Properties Sold:
The number of properties sold has decreased by 16%, with 1635 properties sold this month. This decline could be attributed to various factors, including limited inventory or potential buyers waiting for more favorable market conditions.

Months Supply of Inventory:
The months supply of inventory has increased by 33%, now at 2.34 months. This is a positive sign for buyers as more inventory means more choices. However, it’s still a relatively low supply, indicating a competitive market.

What Does This Mean for Buyers and Sellers?

For Buyers:
Opportunities Abound: With the increase in inventory, you have more options to choose from.
Stable Pricing: The stable sales price/list price ratio means you’re likely to pay close to the listed price without extreme bidding wars.
Act Quickly: Despite the increase in inventory, the market remains competitive. Be prepared to act fast when you find your dream home.

For Sellers:
Strong Market Confidence: The increase in median list prices indicates a strong seller’s market. Pricing your home competitively can attract serious buyers.
Leverage Inventory: With more homes on the market, highlighting the unique features and competitive pricing of your property can make it stand out.

The San Diego County real estate market remains vibrant and competitive. Whether you’re a buyer looking for your dream home or a seller ready to make a move, understanding these market trends can help you make informed decisions.

Stay tuned for more updates and feel free to reach out if you have any questions or need assistance with your real estate needs.